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Payments

Saatchi Art handles the shipping logistics, and collectors pay for the cost of shipping, so you only have to worry about covering the costs of packaging materials. We offer secure payments using a third party software as our Payout Manager. For more information on all things pertaining to how our payments for the artists work, please continue reading below.

Our payments policy is a part of our Terms of Service. By uploading your artwork to Saatchi Art, you are agreeing to this policy and our Terms of Service. Please read and understand this document thoroughly as it is legally binding for all artists on Saatchi Art. This article will cover the following topics: 

 

 

REQUESTING AND RECEIVING PAYMENTS

 

Saatchi Art has partnered with Hyperwallet to offer you fast, convenient and reliable payments using our new Payout Manager. Our new Payout Manager puts you, the artist, in control of how you receive payments.

Once you have made a sale and it is time to be paid, you’ll be prompted to set up your Hyperwallet account. Hyperwallet will email you to provide the necessary steps to activate your account. You will only be required to activate your Hyperwallet account one time. For activation, you will need to reference your Artist User ID. You will see this on your Sales Dashboard. Please write down this number before you begin your activation steps with Hyperwallet.

If you have had prior sales with Saatchi Art, previous payment activity will be archived on your Sales Dashboard. If you have a current balance, you will request your payment through the former Saatchi Art payout system. Sales that take place after March 2020 will be fulfilled using our new Payout Manager.

For further details on the process to activate your account with Hyperwallet, please visit our detailed FAQ. If you do not have an active payment with Hyperwallet, you do not need to action anything yet. 

PAYOUT METHODS

Once you’ve set up your account within Hyperwallet, you’ll be prompted to set up your transfer method. During this process, you’ll establish your currency and your country of transfer request. Once you’ve indicated that, your payment options will appear (Bank Wire, ACH, Check, PayPal). Note that if your bank has an ACH option, wire transfers will not be available.

 

 

COMMISSION

If you sell an original work, Saatchi Art will receive a 35% commission on the final sale price. If a promotional discount code is offered, the discount will be deducted from the price of the artwork and the 65/35 commission split will then be calculated. (See below for more information on Promotional Discounts)


For open edition prints, artists are entitled to 65% of the profit on each sale. Profit is calculated from the final sale price minus the costs of production.


If you sell a Limited Edition Print through Limited by Saatchi Art, artists are entitled to 50% of the profit on each sale. *Profit is calculated from the final sale price minus the costs of production.

 

  Artist Saatchi Art
Originals & Limited Edition Prints  65% of sale price   35% of sale price   
Open Edition Prints 65% of sale price minus costs of print production 35% of sale price after costs of production
Limited by Saatchi Art 50% of the sale price minus cost of print production 50% of sale price after costs of production
Resale 5% of sale price N/A

 

 

ABOUT PROMOTIONAL DISCOUNTS 

If a discount has been applied to your sale, it's because the collector redeemed a special promotional discount while purchasing your work. On occasion, we offer promotional discounts as an incentive for new and returning collectors to explore the constantly changing selection of artwork on our site. We find that offering promotions from time to time allows artists to gain the attention of collectors previously unaware of their work and a better chance to make future sales. 

The discount codes typically give collectors between 10% - 20% off original works, and do not exceed these amounts. For works sold to the trade - interior designers and architects, for example - we give tiered discounts of 10% - 20% off original works.

If you sell an original work, Saatchi Art will receive a 35% commission on the final sale price. If a promotional discount code is offered, the discount will be deducted from the price of the artwork and the usual 65/35 split will then be calculated. 

It is worth remembering that Saatchi Art’s commission is 35%, whereas the gallery standard is 50%. This means that very often (even with a discount) you will be earning more through your sales with Saatchi Art than if you were to sell through another gallery that takes 50% commission.

It is also important to note that during your initial sign up, you agreed to this condition (included in our official statement of terms and conditions).

Saatchi Art reserves the right to promote and market Original Works of Art and/or Digital Works through the use of sales and/or discounts. The sale or discount amount will apply to the listing price of Original Works of Art and/or Printed Works relating to the Digital Works. After the discount code is deducted from the sales price, our usual commission of 35% will be applied.  

 

TAXES 
 

Due to company policy, all artists are required to provide a completed tax form in order to proceed with your payment. While each individuals’ tax status will vary, internationally based artists are NOT required to pay any tax to the US Government for any sale of an original artwork. Once you have made a sale sale and it is time to be paid, you’ll be prompted to set up your Hyperwallet account and supply all information or documents such as a tax form. Saatchi Art will send you an email with the necessary steps to activate your Hyperwallet account. You’ll only be required to activate your account once.
For US Artists, you’ll be asked to provide tax information directly within your Hyperwallet account during activation.. For everyone outside of the US, you’ll provide a W8BEN which will be uploaded to your account during activation. A W8-BEN can possibly take up to 48 hours to verify. We appreciate your patience with this. If there are any issues or missing information on your tax form upload, the Hyperwallet team will contact you directly.

NOTE ABOUT BUYERS: All applicable sales tax is collected and paid for by your buyers at the point of sale when applicable and regardless of their location.

 During your Hyperwallet account activation, you'll be ask to provide a W8 form. Please note the following advice when filling out that form via Hyperwallet portal:

  • Name and address must match profile exactly (even small discrepancies void the acceptability of these forms). Artists can log in to their portal to determine exact profile information to input on the form. (Go to Settings > Profile)
  • All mandatory fields must be completed – including name, address (two lines), country of residence and citizenship, date of birth, signature, certification date, and print name of signer.
  • Date of birth and certification date must follow the format MM-DD-YYYY.
  

VAT (Value Added Tax):

All EU artists who are VAT (Value Added Tax) registered are asked to submit their VAT number within their Saatchi Art profile. VAT is a required tax for selling artists who will be shipping artworks from a location within the EU to another nation. If you reside within the EU or if you plan on shipping an artwork from a location within the EU, please submit your VAT number via your Account Information tab when logged in to your Saatchi Art account. In order to be compliant with international trade and monetary policies, we require your VAT number. 

NOTE: If you are VAT registered and  do not provide your VAT number prior to a sale Saatchi Art will withhold the applicable VAT from your payout to remit to the proper tax authorities at the completion of the transaction. 

If you are not VAT registered and do not plan to register no action is required. The VAT will be paid on your behalf to the proper tax authorities based on the amount we withhold from your earnings. 

 

Countries Where VAT is Applicable:

VAT is applicable within the EU (European Union): 

 

Austria Czechia Germany Latvia Poland Spain
Belgium Denmark Greece Lithuania Portugal Sweden
Bulgaria Estonia Hungary Luxembourg Romania United Kingdom
Croatia Finland Ireland Malta Slovakia  
Cyprus France Italy Netherlands Slovenia  

  

Reference: https://europa.eu/european-union/about-eu/countries_en

 

Non EU Residents: 

VAT is a required tax for selling artists who reside in the EU (European Union) OR those who will be shipping artworks from a location within the EU to another nation ONLY. 

If you do NOT reside in nor do you have artworks located in galleries or studios located in the EU VAT will NOT be applicable. 

NOTE: VAT will be applicable to the sale of an artwork when the pickup address is a location within the EU. 

You can edit your artwork pickup address by proceeding to the artwork in question and following the steps below. 

Step 1: Click “Edit Artwork” below your artwork image. 

Step 2: Proceed to the Artwork Status tab and scroll down to adjust your address information. 

Step 3: Click “Save Changes” to complete your address update. 

If you are not VAT registered and do not plan to register no action is required. The VAT will be paid on your behalf to the proper tax authorities based on the amount we withhold from your earnings. 

 

How to provide your VAT Number: 


Step 1: Click on this link when logged in: https://www.saatchiart.com/accounts/upload-tax-form OR login to your Saatchi Art account and proceed to your Account Information > Taxes.

Screen_Shot_2019-08-16_at_10.55.30_AM.png 

 

Step 2: In the section labeled Value Added Tax (VAT) please input your VAT number in the text box without any spaces (ex: 1234567). 

Screen_Shot_2019-08-16_at_11.01.52_AM.png

Step 3: Click “Submit”.

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